No quick fix for US pensions
The demise of Delphi, Northwest and Delta has intensified concerns over underfunded US pensions. Nadia Damouni reports on whether new laws can shore up the system
The bankruptcy of troubled auto supplier Delphi, hot on the heels of filings from Delta and Northwest Airlines, has brought the fragile condition of the US pensions system squarely back onto the corporate and political agenda. The fear is that these companies could be the next to default on their large underfunded pension plans and dump their liabilities on the already struggling government pension insurance agency, the Pension Benefit Guaranty Corporation (PBGC).
But as America's
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